pretty low, near my knees, my four string hangs on my knees haha, I've got straplocks on that motherfucker so I can jump around and throw it over my head and shit
I use huge bassplectrums to play when it's hanging that low, or else I can't even reach the bass properly haha


my 5 string is too heavy for freaking out, so I hang it a bit higher and use it for technical stuff, like metalpoldi said, its easier to pop and slap when your bass is hanging a bit higher.